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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows from Operating Activities    
Net income (loss) $ 1,222 $ (881)
Adjustments to reconile net income (loss) to net cash provided by (used in) operating activities:    
Realized (gain) loss 434 828
Market risk benefit (gain) loss (1,907) 619
Sales and maturities (purchases) of trading securities, net 129 290
Amortization of deferred gain (loss) on business sold through reinsurance 12 (9)
Change in:    
Deferred acquisition costs, value of business acquired, deferred ales inducements and deferred front-end loads 190 156
Accrued investment income (32) 4
Insurance liabilities and reinsurance-related balances (1,047) (1,322)
Accrued expenses (41) (143)
Federal income tax accruals 306 (289)
Other (609) (27)
Net cash provided by (used in) operating activities (1,343) (774)
Cash Flows from Investing Activities    
Purchases of available-for-sale securities and equity securities (2,360) (2,999)
Sales of available-for-sale securities and equity securities 677 1,739
Maturities of available-for-sale securities 1,694 1,440
Purchases of alternative investments (315) (170)
Sales and repayments of alternative investments 16 22
Issuance of mortgage loans on real estate (571) (269)
Repayment and maturities of mortgage loans on real estate 267 183
Repayment (issuance) of policy loans, net (1) (27)
Net change in collateral on investments, certain derivatives and related settlements 2,232 (184)
Other 0 (60)
Net cash provided by (used in) investing activities 1,639 (325)
Cash Flows from Financing Activities    
Payment of long-term debt, including current maturities (47) 0
Issuance of long-term debt, net of issuance costs 347 0
Payment related to sale-leaseback transactions (4) (5)
Payment related to certain financing arrangements (16) (10)
Deposits of fixed account balances 3,602 4,192
Withdrawals of fixed account balances (3,215) (2,570)
Transfers from (to) separate accounts, net (90) 21
Common stock issued for benefit plans (5) (4)
Dividends paid to preferred stockholders (34) (25)
Dividends paid to common stockholders (77) (77)
Net cash provided by (used in) financing activities 461 1,522
Net increase (decrease) in cash, invested cash and restricted cash 757 423
Cash, invested cash and restricted cash as of beginning-of-year 3,365 3,343
Cash, invested cash and restricted cash as of end-of-period $ 4,122 $ 3,766